$BTC TOP 20
Added 2023-08-18 11:52:58 +0000 UTCBig flush out yesterday after Space X reported they sold their $BTC holdings which may seem like an overreaction but really, this is signally to the crypto market that companies that are struggling (and a lot of companies are struggling in the market at the minute) would prefer to offload their high risk assets, such as Bitcoin, to improve their balance sheets.
This is likely the cause of the decline yesterday. I said how surprised I was to see $BTC hold up so strong amid the market sell off and that was short lived, if companies with strong fundamentals are struggling then $BTC, with no store of value, is going to be under threat too.
We can see on the chart that the pull back ended exactly at the 0.78 Fib, meaning the count is still valid but like a lot of stocks right now, a relief bounce is needed and market sentiment needs to improve.
Otherwise we have a bigger problem on our hands.
